Normally, when you own a property jointly, the profits subject to tax are split in proportion to your legal ownership. A jointly owned property is split 50/50. However, what if you want to change how the income is split for a jointly owned property? You can do this if you live with your spouse or a […]
Category Archives: HM Revenue & Customs
Accounting Tips, Business Tips, HM Revenue & Customs
Chancellor wants businesses to move to “e-invoicing”
01
Oct
Oct
The government has unveiled a proposal to expand electronic invoicing across the UK and hinted at a forthcoming ‘Digital Transformation Roadmap’ for HM Revenue & Customs (HMRC). However, the details about both plans are currently limited. The chancellor wants businesses to move to “e-invoicing” as part of the process. In her first speech as Chancellor […]
28
Aug
Aug
As expected, the new Labour government has published draft legislation subjecting private school fees to VAT from 1 January 2025. VAT on private school fees is here. The draft measures have been published for technical consultation before they are included in the Finance Bill for 2024-25. The background The current VAT legislation includes a VAT […]
Accounting Tips, Corporation Tax, HM Revenue & Customs, Tax Tips
New Rules for Corporation Tax and Associated Companies
21
Aug
Aug
If you are an owner and/or director of a limited company, you may have noticed your accountant asking more questions regarding your other business interests. This is due to some changes in corporate tax legislation. In this blog we aim to set out the new rules and why they are important. What are “Associated Companies”? […]
HM Revenue & Customs, Myers Clark Updates, Personal Tax, self employed
Don’t forget to use Time to Pay service with HMRC
17
Jul
Jul
Benjamin Franklin once said, “In this world, nothing can be said to be certain, except death and taxes.” If you are in business, a landlord, or paying tax under self-assessment, you understand the importance of paying your tax on time. But what if you can’t afford to pay your taxes when they are due? Remember […]
10
Jul
Jul
In the March 2023 budget, changes to the two Research and Development (R&D) tax relief schemes were announced, which came into effect from 1 April 2023. At the same time, plans were also proposed to merge the two schemes into one which would come into effect twelve months later. After consultation, the two schemes have […]
Employee Benefits, HM Revenue & Customs, P11d, Payroll, Personal Tax
The end of reporting employee benefits on form P11d
21
Feb
Feb
Admin work is not something that people enjoy doing. Moreover, filling out forms for paying taxes on the benefits provided to employees can be quite a hassle. After several years of consulting with accountancy and tax bodies, the government has announced that reporting employee benefits on form P11d will no longer be required. The date […]
11
Oct
Oct
For several years now, HM Revenue & Customs (HMRC) has been aware that scammers have been using them as the subject of their schemes. After all, something as serious as tax gets everyone’s attention. With the tax return season in full swing, the swindlers are going to be trying harder as more people will be […]
Corporation Tax, HM Revenue & Customs, Personal Tax, self employed, Tax Tips
HMRC plans to increase the number of tax investigations
02
Aug
Aug
Last week, HMRC released its annual report, which is worth a read. It covers topics such as tax revenue, decrease in tax gaps, shortcomings in customer service and efforts to ensure accurate tax payment. The CEO’s review discusses investment in compliance officers and emphasis on tackling fraud. As a result, HMRC plans to increase the […]
HM Revenue & Customs, Personal Tax, Tax Tips
Managing Inheritance Tax – What if you can’t afford to pay the tax
19
Jun
Jun
In our previous blog managing Inheritance Tax (IHT) we looked at how IHT works and what steps you can take to minimise your liability. However, if you look at the latest government data, it shows the number of people paying IHT is rising year on year. Last year some 41,000 people were liable to IHT […]